Now that the new year has come, it is time to start planning for the tax year ahead. That means you need to be aware of the applicable tax brackets, credit rates, contributions and premiums that will apply to you and your specific situation in Ontario in 2022.
Registered Retirement Savings Plans (RRSPs) let you contribute to your savings while benefiting from tax deferral.
This is because any contributions you make to your RRSP are deducted from your taxable income in the year that they are made. Any amount withdrawn at a future date, including interest income earned on investments, will be taxed at that year’s applicable rate.
Every company needs to have up-to-date financial statements. They provide information about the company’s financial health and business activities, which can improve decisions made by management, investors and directors. Financial statements are also critical if you are looking for new investors or creditors.
There are three primary types of statements that can be prepared: audited, accountant reviewed and compilation engagement.
New Ontario estate planning legislation came into effect on January 1st of this year (2022). Are you up to speed on exactly what these changes are and what they mean?
These new changes were made to help simplify the estate planning process. Changes will affect the validity of wills after marriage, property rights of separated spouses, and wills with technical errors. In this blog, we will also look at the legislated changes and the virtual witnessing of wills.
In October, the Government of Canada announced that it would be releasing new recovery benefit programs for businesses that have been hardest hit by the COVID-19 pandemic. One of these programs was the Tourism and Hospitality Recovery Program (THRP).
While the name specifies tourism and hospitality, the list of qualifying industries and businesses is actually much broader.
Some things never change, but the compilation standard isn’t one of them. The Auditing and Assurance Stands Board (AASB) has revised the standard for compilation engagements. The changes are effective for periods ending on or after December 14, 2021. Under these standards, a new compilation engagement report will replace Notice to Reader (NTR).
If you are feeling a little lost when it comes to talking about accounting and bookkeeping, you’re not alone. Sometimes accounting terms can get confusing, and the many words and acronyms used doesn’t help.
If you are working with a good accountant, they will be able to explain the most complicated accounting concepts to you in easy terms. But going in with a basic knowledge of accounting terminology can help bridge the gap.
The year is almost over and that means you might need to make some last-minute decisions about your Tax-Free Savings Account (TFSA).
TFSAs began in 2009 and are a savings tool that allow Canadians 18 and over to earn tax-free investment income. Unlike certain registered savings plans, there are no limitations on what the funds in a TFSA can be used for.
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